BTCUSD - H&S within H&S: this can't be good
When bearish signals are within bearish signals, it's never good. A previous chart I did also found a flag within a flag pattern, and the price has since broken downwards to confirm a bearish trend.
Here, we have a larger H&S pattern, and a smaller, localized H&S pattern within it. Note that the right shoulder of the larger pattern is also the head of the smaller pattern. The smaller H&S has completed, indicating a bearish trend (but the rising neckline would normally tend to mitigate it as a bearish signal). The larger H&S has not yet completed; but if it does, this would be strongly bearish as the neckline is sloping downwards. If it does complete, it looks like we have support at approximately the 9000 and 7900 levels.
Here, we have a larger H&S pattern, and a smaller, localized H&S pattern within it. Note that the right shoulder of the larger pattern is also the head of the smaller pattern. The smaller H&S has completed, indicating a bearish trend (but the rising neckline would normally tend to mitigate it as a bearish signal). The larger H&S has not yet completed; but if it does, this would be strongly bearish as the neckline is sloping downwards. If it does complete, it looks like we have support at approximately the 9000 and 7900 levels.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.